The South Korea stock market bounced higher again on Thursday, one session after it had halted the four-day winning streak in which it had collected more than 90 points or 3.8 percent. The KOSPI now rests just above the 2,490-point plateau and it's expected to see little movement on Friday.
The global forecast for the Asian markets is murky amid inconsistent data and a bump in crude oil prices. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to follow the latter lead.
The KOSPI finished slightly higher on Thursday as gains from the heavy industrials were offset by weakness from the technology stocks and a mixed picture from the financial shares.
For the day, the index added 6.30 points or 0.25 percent to finish at 2,492.38 after trading between 2,471.04 and 2,496.51. Volume was 338.1 million shares worth 5.94 trillion won. There were 408 gainers and 407 decliners.
Among the actives, Daewoo Shipbuilding surged 5.31 percent, while Hyundai Heavy spiked 2.15 percent, Shinhan Financial shed 0.11 percent, Woori Bank climbed 0.97 percent, POSCO fell 0.74 percent, Hyundai Steel eased 0.20 percent, Kumho Petro Chemical and LG Chem both jumped 1.82 percent, LG Electronics tumbled 1.77 percent, Samsung Electronics lost 0.43 percent and SK hynix skidded 1.21 percent.
The lead from Wall Street is inconclusive as stocks showed a lack of direction on Thursday, bouncing back and forth across the unchanged line before closing mixed.
The Dow added 115.54 points or 0.47 percent to 24,873.66, while the NASDAQ shed 15.07 points or 0.20 percent to 7,481.74 and the S&P fell 2.15 points or 0.08 percent to 2,747.33.
The choppy trading on Wall Street came as traders digested a slew of U.S. economic data, including a report from the Labor Department showing initial jobless claims edged lower in the week ended March 10.
The Labor Department also said import prices increased more than expected in February, while export prices gained less than expected. The National Association of Home Builders saw a fall in March homebuilder confidence.
The Federal Reserve Bank of New York said activity in the New York manufacturing sector grew robustly in March, while the Philadelphia Federal Reserve said growth in its manufacturing sector slowed in March.
Crude oil prices rose Thursday despite demand warnings from OPEC and signs the U.S. shale boom will continue unabated. April WTI oil gained 23 cents or 0.4 percent to $61.19/bbl.
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